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white house where president obama is about to make a statement on a dramatic series of automatic spending cuts that will hit in a few weeks' time if congress doesn't act. welcome to america live. i'm shannon bream in for me begigynkelly. sources tell fox news that president obama is expected to call for a small round of budget cuts that would buy congress more time to reach a larger agreement. that's because despite that fiscal cliff deal, we're still looking at these automatic cuts that were put into place to force lawmakers to deal with our debt crisis. that debt, our debt, the debt owed by every american taxpayer today stands at more than $16 trillion or roughly $140,000 for every single american household. our fox news digital politics editor and host of power play on foxnews.com is here live. chris, great t to see you today. >> you bet. >> the president will talk about making another shor short-term l and yet washington will be criticized for yet again kicking the can down the road. what new can he say today? >> nothing. he doesn't -- well, i suppose he could say that he was
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of president obama's second term, we're getting new details about the key focus of his prime time address to the nation tonight. welcome to america live, everyone, i'm alisyn camerota in for megyn kelly. and amid a recent string of economic concerns, the national unemployment rate just recently ticked up to 7.9%. consumer confidence has dropped to its lowest level in a year for the first time since the recession ended, the economy actually contracted, also, gasoline prices are unexpectedly spiking. the national average now at 3.60. 19 states have prices that are higher than that. stuart varney is the anchor of varney and company on the fox business network. he joins me now, hi, stu. >> alisyn. >> what are we expecting the president to say about the economy? >> a lot of what he will say has been leaked at least a broad outline and call for a more robust government presence in the economy and saying government and government spending which will rebuild the middle class. he won't call it government spending, he will call it investing and three areas in particular where the president
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youtube took it down and what lawmakers want president obama to do about it now. ♪ can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. >> we want to show you live pictures right now coming back from riverside, california and the police department there, we're expecting a news conference on that desperate manhunt and this is unlike anything we've seen in a long time. there is a suspect named chris dorner, a former los angeles police officer and today accused of killing three people, including a riverside officer and injuring two others, including another riverside police officer. police are on high alert, all across southern california. we're live in l.a. we're live in riverside, we're live in the air, over southern california watching the police activity so we have all the breaking news for you at the top of the hour. . >> there are new developments on a troubling story we've been telling you about this week.
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